30 Year Mortgage Rate Headed to 2% And Below
The 10-Year US Treasury is the best predictor of mortgage rates. Today, the 10-Year yield is 0.74%. Using the regression derived model from Bill McBride and Calculated Risk, with an R-squared (predictive power) of 98%, you should be able to get a 30 year fixed mortgage rate of below 2% soon. Yesterday, Mortgage News Daily reported 3.19% as the average 30-Year mortgage rate, already a big savings for most mortgage holders. But, rates should continue to fall even further:
It is a good time to put "refinance your mortgage" on your personal finance to do list, if you are a homeowner. There should be no need to rush. Let the banks come to you. And yes, your mortgage broker is probably getting a Maserati this year.